本文選題：創(chuàng)業(yè)板 + 股利理論　； 參考：《云南財經(jīng)大學(xué)》2012年碩士論文

【摘要】：我國政府為了扶持新興中小企業(yè)尤其是高成長性中小企業(yè)的發(fā)展，在2009年設(shè)立了創(chuàng)業(yè)板，以規(guī)范直接的產(chǎn)權(quán)市場，給不具備進入中小板條件的中小企業(yè)提供了一個直接融資的平臺。在肯定我國證券市場多元化發(fā)展的同時，，我們必須清醒地認識到，與西方成熟的資本市場相比，我國證券市場在立法、監(jiān)管、規(guī)范、運作等方面仍然具有改革空間。其中，最為突出的問題是：公司股利分配不規(guī)范、缺乏主動分紅意識、融資額遠多于回報額、股利分配不具有穩(wěn)定性和連續(xù)性。同樣，以上問題在我國的創(chuàng)業(yè)板市場中也屢見不鮮，所以我們也有必要對我國創(chuàng)業(yè)板上市公司的股利政策進行深入研究。與國外眾多的股利理論和實證研究文獻相比，筆者認為我國的股利政策研究正處于起步階段。本文著重研究的創(chuàng)業(yè)板市場曾被投資者寄予了高成長、高分紅的期望，但其真正的股利分配情況到底如何，影響因素有哪些，本文對此進行了深究。 筆者在第二部分首先詳細分析了我國創(chuàng)業(yè)板上市公司股利分配的特點：1.創(chuàng)業(yè)板上市公司不分配現(xiàn)象仍然存在；2.創(chuàng)業(yè)板上市公司偏愛派現(xiàn)加轉(zhuǎn)增的分紅方式；3.低股利支付比例。接著，筆者從財務(wù)限制、公司本期及上期的股利政策、外部監(jiān)管政策三個方面進行了創(chuàng)業(yè)板上市公司董事會制定股利分配預(yù)案的影響因素分析。在隨后定量分析的過程中，本文運用了證券投資學(xué)、計量經(jīng)濟學(xué)等相關(guān)學(xué)科的基礎(chǔ)理論知識，根據(jù)公司的盈利能力、成長能力、公司規(guī)模、股權(quán)結(jié)構(gòu)、短期償債能力、負債水平（長期償債能力）、現(xiàn)金流狀況、收益質(zhì)量、行業(yè)類別提出了16個假設(shè)。同時，本文借助Excel2003、SPSS12.0、Eviews5.0等軟件實證研究了創(chuàng)業(yè)板上市公司當年是否發(fā)放股利的影響因素。實證結(jié)果為：公司的盈利狀況和現(xiàn)金流情況是創(chuàng)業(yè)板公司當年是否發(fā)放股利的主要影響因素。而影響我國創(chuàng)業(yè)板上市公司現(xiàn)金股利政策制定的相關(guān)因素為：盈利能力、成長能力、公司規(guī)模、短期償債能力和負債水平（長期償債能力）；另外，影響我國創(chuàng)業(yè)板上市公司制定股票股利政策的因素也是：盈利能力、成長能力、公司規(guī)模、短期償債能力和長期償債能力。本文實證研究的最后部分還通過區(qū)分行業(yè)對其股利支付率的差異進行了研究。結(jié)果發(fā)現(xiàn)創(chuàng)業(yè)板中不同行業(yè)上市公司的股利支付水平不具有顯著差異，這很有可能是創(chuàng)業(yè)板成立時間過短、創(chuàng)業(yè)板上市公司行業(yè)分類高度集中，導(dǎo)致樣本數(shù)據(jù)不足或不合理而造成的。 在總結(jié)研究結(jié)論的基礎(chǔ)上，筆者在本文的最后部分提出了創(chuàng)業(yè)板市場應(yīng)如何優(yōu)化當前股利政策的建議：1、建立健全創(chuàng)業(yè)板退市制度，抑制過度投機；2、強化和細化創(chuàng)業(yè)板上市公司股利支付率下限政策；3、加強創(chuàng)業(yè)板投資者的適當性管理；4、加強創(chuàng)業(yè)板高管套現(xiàn)的監(jiān)管措施。以上具體措施完全具有可操作性，并能對我國創(chuàng)業(yè)板上市公司股利政策的制定提供一些有益的建議，為政府監(jiān)管部門制定規(guī)范創(chuàng)業(yè)板上市公司股利分配行為的政策提供相應(yīng)的依據(jù)，為廣大投資者特別是中小投資者的決策提供一定的參考。
[Abstract]:In order to support the development of newly emerging small and medium-sized enterprises, especially high growth and small enterprises, the Chinese government set up a gem in 2009 to standardize the direct property market and provide a direct financing platform for small and medium sized enterprises that do not have access to small and medium plate conditions. It is clear that, compared with the mature capital market in the west, China's securities market still has a space for reform in legislation, supervision, regulation and operation. Among them, the most prominent problem is that the company's dividend distribution is not standardized, it lacks the consciousness of active dividends, the amount of financing is much more than the return, and the dividend distribution does not have stability and continuity. The above problems are also common in the GEM market in China, so it is necessary for us to make a thorough study of the dividend policy of the GEM listed companies in China. Compared with many foreign dividend theories and empirical studies, the author thinks that the research on dividend policy is in its infancy. The field has been placed by investors with high growth and high dividend expectations, but what is the real dividend distribution and the factors affecting it, this article has studied it deeply.
In the second part, the author analyzes the characteristics of dividend distribution in China's GEM listed companies in detail: 1. the non distribution of the GEM listed companies still exists; 2. GEM listed companies prefer to send dividends and increase the dividend payment method; 3. low dividend payment ratio. Then, the author from the financial limit, the company this period and the last period of dividend policy, In the three aspects of the external regulatory policy, the influence factors of the board of directors of the GEM listed companies are analyzed. In the process of quantitative analysis, the basic theoretical knowledge of the related disciplines such as securities investment, econometrics and other related disciplines is used, according to the company's profitability, growth capacity, company size, and equity structure. 16 hypotheses are proposed for short-term debt solvency, debt level (long-term solvency), cash flow status, earnings quality, and industry category. At the same time, this paper uses Excel2003, SPSS12.0, Eviews5.0 and other software to study the influence factors of dividend distribution in the year of the GEM listed companies. The empirical results are: the company's profit and cash flow. The situation is the main influencing factor of whether the company has paid dividends in the same year, and the related factors affecting the cash dividend policy of Chinese GEM listed companies are: profitability, growth ability, company size, short-term debt paying ability and debt level (long-term debt paying ability); in addition, it affects Chinese gem listed companies to make stock. The factors of dividend policy are: profitability, growth ability, company size, short-term debt paying ability and long-term solvency. The last part of this empirical study also studies the difference in the dividend payment rate by distinguishing industry. The results show that there is no significant difference in the dividend payment level of the companies in different industries. It is likely that the establishment of the gem is too short, and the industry classification of GEM companies is highly centralized, resulting in insufficient or unreasonable sample data.
On the basis of the conclusion of the study, the author puts forward some suggestions on how to optimize the current dividend policy of the GEM market: 1, establish and improve the gem delisting system, restrain excessive speculation; 2, strengthen and refine the dividend payment limit policy of the GEM listed companies; 3, strengthen the propriety management of the GEM investors. 4, strengthen the regulatory measures of the Executive Board of the gem. The above specific measures are completely operable, and can provide some useful suggestions for the formulation of the dividend policy of the GEM listed companies in China, and provide the corresponding basis for the government regulatory department to formulate the policy of regulating the dividend distribution line of the GEM listed companies and invest for the vast amount of investment. Especially for small and medium-sized investors.

【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【引證文獻】

相關(guān)期刊論文 前1條

1 劉宏偉;;中國創(chuàng)業(yè)板上市公司股利政策研究文獻綜述[J];財經(jīng)政法資訊;2013年05期

本文編號：1779099